The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), led by President Obinna Iwuno, is dedicated to establishing a structured and transparent blockchain ecosystem in Nigeria. The association aims to work closely with regulatory bodies, including the Securities and Exchange Commission (SEC), to promote responsible innovation and self-regulation within the blockchain space.
Fostering Global Best Practices
SiBAN operates as a self-regulatory organization, focusing on creating a safe environment for blockchain technology while protecting investors and upholding ethical standards. Iwuno and his team are committed to sanitizing the blockchain sector, which has faced challenges due to fraudulent projects and unlicensed operators. Their collaboration with regulatory agencies is crucial for ensuring that blockchain projects comply with legal frameworks, preventing issues like fraud, money laundering, and terrorism financing.
Addressing Industry Challenges
The Nigerian blockchain sector has been marred by unscrupulous activities, including the proliferation of fraudulent meme coins and unregulated hedge funds. SiBAN’s proactive measures aim to filter out these negative elements and foster a credible innovation space. Iwuno acknowledges that his leadership has faced opposition from those benefiting from unethical practices but remains steadfast in implementing necessary reforms for transparency.
Commitment to Collaboration
SiBAN emphasizes the importance of working with the SEC and other agencies, such as the Nigerian Financial Intelligence Unit (NFIU) and the National Information Technology Development Agency (NiTDA). These collaborations are aimed at developing a comprehensive regulatory framework that supports innovation while maintaining accountability and adhering to anti-money laundering protocols.
Establishing Ethical Standards
SiBAN has developed a detailed code of conduct for virtual asset service providers (VASPs) and its members, ensuring ethical standards within the industry. This code applies not only to members but also to non-members who wish to demonstrate their commitment to ethical conduct.
Vision for the Future
With a focus on global best practices, SiBAN aims to position Nigeria as a credible blockchain hub. Iwuno believes that by embracing transparency and cooperation with regulators, Nigeria can become a leader in blockchain innovation, similar to India’s success in the tech industry. He envisions a future where blockchain technology is built on trust and transparency, contributing significantly to Nigeria’s economy.
In summary, SiBAN’s efforts to collaborate with regulatory bodies and promote ethical standards are essential for the growth and credibility of the blockchain sector in Nigeria. As the organization continues to advocate for responsible innovation, the potential for blockchain technology to revolutionize various sectors remains significant.